BFI makes bid for AttwoodsBrowning-Ferris Industries, the...

BUSINESS DIGEST

September 21, 1994

BFI makes bid for Attwoods

Browning-Ferris Industries, the country's second-largest waste-management company, offered $570.3 million in cash yesterday to take over Attwoods PLC, a London-based competitor with sizable U.S. operations.

Attwoods said the offer, equivalent to $2.02 a share, "totally undervalues" the company. But its largest shareholder, Laidlaw Inc. of Burlington, Ontario, said yesterday that it had agreed to tender its Attwoods holdings to Browning-Ferris for $208 million cash.

The combination of Browning-Ferris, based in Houston, and Attwoods would create a company with annual revenue of about $4.5 billion.

BGE creates new divisions

The Baltimore Gas and Electric Co. will create separate divisions for its natural gas operations and its marketing and sales activities, effective Oct. 1. The new vice president of the gas division will be Herbert D. Coss Jr., who has been vice president of marketing and gas operations. Heading up the new marketing and sales division will be Stephen F. Wood, who has been manager for major customer projects.

No advance for Jett's legal fees

Kidder, Peabody & Co. yesterday refused to advance Joseph Jett nearly $600,000 to help pay for the fired bond trader's legal fight against the brokerage firm.

Kidder termed the demand for money "frivolous" in legal papers responding to the request by Mr. Jett, who was fired by Kidder for an alleged scheme to create fictitious profits to inflate his bonus.

EA Engineering posts results

EA Engineering, Science and Technology Inc., a Hunt Valley environmental services company, yesterday announced a 57.1 percent jump in its fourth-quarter earnings, to $616,000, or 10 cents per share, on sales of $17.3 million. For the fiscal year that ended Aug. 31, the company had a net income of $1.8 million, or 30 cents per share, an 81.6 percent increase over the last fiscal year.

Gas detector shares advance

Stock in two gas detector companies soared yesterday after news that former tennis star Vitas Gerulaitis died from accidental carbon monoxide poisoning.

Shares of First Alert Inc. jumped $2, or 8 percent, to $27, while American Sensors Inc., gained $1.375, or 7.5 percent, to $20 in heavy trading on the Nasdaq stock market.

Those companies are the two primary makers of carbon monoxide detectors.

Executives at both companies said they expect Mr. Gerulaitis' death to cause an upward blip in an already strong sales picture.

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